The Chase: A couple blow past their budget to land a Leslieville fixer-upper

The buyers: Timothy Bramble, a 31-year-old project manager for the digital ad agency Art and Science, and Megan Cairns, a 30-year-old RN at St. Michael’s Hospital.

The story: After renting a condo in the West Don Lands for six months, Timothy and Megan decided they were ready to commit—to each other (they’re newly engaged) and to a home. They wanted a sizable yard (for Timothy, who loves gardening) and a second floor with at least two bedrooms, for a future child or two. Starting with a budget of $500,000, they focused their search in Corktown and South Riverdale, figuring they’d get more house for their money east of Yonge than west. Several bidding wars later, they realized they’d need to boost their budget to land a home anywhere near their desired location.

Option 1

Hamilton Street (near Broadview and Dundas).
Listed at $598,000, sold for $798,876.
This renovated two-bedroom semi enchanted the couple with its rooftop deck and proximity to Queen. Unfortunately, they weren’t the only ones to see its potential: they bid $610,000, and were stunned when it attracted 14 other offers and sold for more than $200,000 over asking.

Option 2

Lewis Street (near Broadview and Eastern).
Listed at $539,000, sold for $709,000.
At first, they weren’t wowed by this two-storey row house. But once they looked past the tired finishes, they saw value in its three bedrooms and ample parking. Still stung by their experience on Hamilton, they bid $660,000. When they found out what it sold for, they instantly regretted not offering more.

The Buy

Caroline Avenue (near Pape and Eastern).
Listed at $720,000, sold for $705,000.
This three-bedroom row house had been sitting on the market for months, and it was clear why: it felt dated and reeked of cigarettes. But the ceilings were high and there was plenty of space, including a basement rental suite. For around $50,000 in renovations, they realized, they could have everything they wanted, plus a tenant. The seller signed back their first two offers before accepting their third, at just under asking. In April, they moved into the basement—the only habitable part of the house until the construction dust settles.

500K was just their starting budget…clearly they could afford more if
they were able to bid up to 700K mark. With the average price of detach
homes in Toronto at the 1.15 million mark, 500K wasn’t realistic to
begin with anyways. I would take the sold over asking prices with a
pinch of salt…clearly they were priced for bidding wars.

Classic nasty T.O comments. Jealous? Bitter? Need to let everyone know how much you hate the current state of the housing market? Me, I think they got a fair deal in an area where values are going to rise over the next 5 – 10 years, although the pressures from the new Revival development may be an issue. Better value than the crazy prices in Riverdale & Leslieville and a smart choice to buy a house with a rental unit. Good luck.

Damn.. my home is detached… a fixer/upper, upstairs is one very large room that could be split to two rooms, detached over sized garage (and driveway) could be modified to second living space or shrunk to a standard size for extra yardage.. and for sale in the 500’s.. if these guys had extra budget to the 7’s they missed a solid opportunity just by a few months

Afford? You mean get a ridiculously leveraged mortgage at 2.5% with maybe $20,000 down? How can an RN and a designer ‘afford’ a house this expensive? The Toronto real estate frenzy is completely out of whack. They just flipped the condo? What a waste of real estate and lawyer fees and tax!! Where is this couple getting the money?? The bank of mom??

Yes JP you don’t read very well do you. They were renting the condo and the husband is a project manager not a ‘designer’ not that that’s an insult anyways. Maybe you just don’t know very much about the current state of the market and how things work, I do…I work with lenders on a regular basis. Lenders don’t just give out mortgages willy-nilly! You have to qualify for it and if the numbers don’t add up then guess what…you don’t get the funds!
We have no idea of the background info of this couple. Maybe they lived with their parents for 10 years and saved up 200K or more.
Take your head out of the sand and open your eyes.